TechFlow news, the DeFi project Hector Network has passed HIP 42 proposal with a majority vote (83.31%) in favor of liquidating Hector Network and using treasury funds to redeem $HEC tokens.
Hector plans to distribute funds proportionally based on HEC holders' positions as of July 14. The process of winding down and redeeming HEC tokens will take 6 to 12 months. Next steps include appointing a liquidator, legal counsel, and auditor.
Since July 6, the HEC token has lost 60% of its value, and its stablecoin TOR is trading at $0.13.
According to one investor's estimate, Hector's treasury may have suffered an $8 million loss due to stablecoin de-pegging related to Multichain.
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